The March 17 Council text for EMIR Art.8 Para.1b has recently been amended from earlier drafts in a way which creates uncertainty and serious risks for the trading of derivatives.
This paper summarises the concern that the latest Council drafting on the treatment of collateral potentially introduces a right of counterparties to request during the term of a trade that the party that has received posted collateral should stop using such collateral in their general business and instead to put in place special arrangements such as specific trust arrangement or full segregation with a third party custodian.
Documents (1) for ISDA–AFME brief on segregation in bilateral contracts in the context of EMIR – 13 April 2011
Latest
Trading Book Capital: Scott O'Malia Remarks
Trading Book Capital: Capital Conundrum, Navigating Basel III Endgame February 5, 2026 Welcoming Remarks Scott O’Malia, ISDA Chief Executive Good afternoon, and welcome to ISDA’s Trading Book Capital event – it’s great to be here in New York. We...
ISDA In Review – January 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in January 2026.
ISDA Responds to RBI Unique Transaction Identifier (UTI) Proposals
On November 14, 2025, ISDA submitted comments to a Draft Circular from the Reserve Bank of India (RBI) proposing to mandate the global Unique Transaction Identifier (UTI) for all transactions in OTC markets for Rupee interest rate derivatives, forward contracts in Government...
How and Why Pension Funds Use Derivatives
With over $58 trillion in assets globally, pension fund managers are major participants in financial markets and play a vital role in helping to provide post-retirement incomes for plan employees. Meeting such an important goal requires careful consideration of investment...